跨國併購績效實證研究：以台灣上市公司為例

Abstract

本研究以SDC資料庫搜尋1997年至2006年台灣企業跨國併購案，並以TEJ資料庫篩選出上市公司，樣本包含45間企業的62個併購案。之後利用因素分析法衡量跨國併購績效，再以績效分析之結果為依變數，進行多元迴歸分析，了解跨國併購績效的影響因素。 以因素分析法結合十一個績效指標的實證結果顯示，台灣上市公司跨國併購後，於併購後第一年，財報績效表現優於併購前，且併購的影響延續到併購後第二年，一樣優於併購前。但對於併購第三年後跨國併購的影響，則尚未有明確的結論。此結果表明台灣企業跨國併購案會對績效有短期的正向影響。 至於逐步迴歸分析的實證結果發現股權集中度與國際化程度對跨國併購後績效有正向影響；而併購發生年度常會對併購後績效有負向的影響。其中股權集中度愈高，會提高併購後第一年至第三年的績效，顯示股東會對跨國併購案投注較多關注，避免跨國併購案對企業產生負面效果。而國際化程度可以提高跨國併購後第一年的績效。此外，1998年與2001年發生的跨國併購案，在併購後表現都明顯較差，可以發現國際情勢對於跨國併購會產生重大影響。

This research uses SDC database to find out the cross-border M&A cases in Taiwan between 1997 and 2006, then uses TEJ database to select the listed companies in Taiwan. The sample consists of 45 companies with 62 cross-border M&A cases. And then, uses factor analysis to measure the performance. The results of factor analysis are then used as dependent variables to implement multiple regression analysis to understand the impact factor of the performance of cross-border M&A. First, we use factor analysis to combine 11 financial indicators. The empirical results show that the performance of first year after M&A improves dramatically, better than the year before M&A. The influence continues to the second year. It’s still better than before. However, in this research, the influence is not clear in the third year and after. These results show that cross-border M&As in Taiwan have short-term impact on companies’ financial performance. There have positive influence on the first and second year of M&A. Second, we conduct stepwise regression procedure to find out the impact factors of cross-border M&A. The empirical results show that ownership concentration and the degree of internationalization have positive impact on post-merger performance, but the economic situations of the year in which the M&A take place sometimes have negative influence of post-merger performance. Ownership concentration can enhance post-merger performance from the first year after M&A to the third year. The degree of internationalization enhances the performance of the first year after M&A. However, the cross-border M&As which take place in 1998 and 2001 have worse performance than other years. It is realized that the international economic situation have major impact on cross-border M&As.